Fantasy 360 Technologies Secures LOI To Supply Two UNCONTAINED VR Attraction Units For a New Las Vegas Mixed Use Entertainment Center

Rhea-AI Summary

Fantasy 360 Technologies, also known as Immersive Tech, announced on December 6, 2021, the signing of a non-binding letter of intent for the production and sale of two UNCONTAINED standalone virtual reality attraction units. These units are intended for a new entertainment facility on the Las Vegas strip. The LOI outlines that the company will handle engineering, material acquisition, fabrication, and installation. The company's VR unit showcased at an Orlando Expo received positive feedback, prompting strong interest and leading to this initial order.

Positive

• Executed a non-binding LOI for two UNCONTAINED VR units, indicating strong market interest.
• Positive feedback received for the VR unit during its debut at the Orlando Expo, highlighting product demand.

Negative

• The LOI is non-binding and may be terminated by either party, introducing uncertainty in production.
• Final agreement and custom modifications are subject to negotiation, which could delay project execution.

VANCOUVER, British Columbia, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Fantasy 360 Technologies Inc. d/b/a Immersive Tech (“Immersive Tech”, “Fantasy 360”, or the “Company”) (CSE:VRAR) (FSE:79W) (OTCQB: FNTTF) is pleased to announce it has executed a non-binding letter of intent on December 6, 2021 (the “LOI”) with a leading immersive entertainment company for the production and sale of two UNCONTAINED standalone virtual reality “VR” attraction units, for a proposed new mixed use entertainment facility being planned for the Las Vegas strip.

Tim Bieber, CEO of the Company stated, “The Company showcased its UNCONTAINED VR unit, making its trade show debut, at the International Association of Amusement Parks Expo in Orlando, Florida from November 16-19, 2021. Feedback to our hyper-immersive stand-alone VR unit was positive as users could experience our unique product in person. Since the Expo, we have seen strong interest in our VR units and are pleased to announce our first post-Expo LOI order. We look forward to working with this leading location-based experiential entertainment company to create a new immersive experience in the heart of the Las Vegas strip and showcase our technical as well as creative expertise.”

Pursuant to the terms of the LOI, the Company will be responsible to engineer, acquire materials, fabricate transport and assist with the installation for two (2) 40 foot units. The LOI may be terminated by either party and is subject to negotiation of any custom modifications to the VR units and negotiation of a definitive agreement (the “Definitive Agreement”) within 30 days to secure priority production and delivery timing.

The team behind Fantasy 360 Technologies is a blend of accomplished executives coming together under CEO, Tim Bieber (BroadbandTV, CBS Interactive), Director of Franchise Development, Steven Dooner (The VOID, Walt Disney Imagineering, Universal Studios Japan), Kevin Williams (Walt Disney Imagineering, Spider Entertainment), Dan Burgar (VRAR Association President, Shape Immersive), Lance Priebe (co-founder Club Penguin, Disney Interactive) as well as its Directors Alvin Wang Graylin (HTC China President, Virtual Reality Venture Capital Alliance President).

On behalf of the Board of Directors,

Tim Bieber
Director and Chief Executive Officer
Fantasy 360 Technologies Inc. d/b/a Immersive Tech
https://www.immersivetech.co/

For further information about Immersive Tech, please contact:

Investor Relations Contact – Tim Bieber
Email: investors@immersivetech.co
Telephone: +1-604-283-3029

ABOUT FANTASY 360 TECHNOLOGIES INC. D/B/A IMMERSIVE TECH             

Fantasy 360 Technologies is building the Physical Metaverse. Since 2016 the Company has been an industry leader in Social Entertainment, Virtual Reality (VR) and Augmented Reality (AR) entertainment attractions. With its Hardware Platform UNCONTAINED and its Software Platform Uncontained/OS, the company helps its stakeholders build user experiences unmatched in realism, depth and immersion. The company builds experiences on its platforms for some of the world's largest companies including: Intel, Bayer, Capital One, Scotia Bank, the US Food and Drug Administration, Allegiant Airlines and more.

Forward-Looking Information

This news release contains “forward-looking information” and “forward- looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about Immersive Tech’s listing and commencement of trading on the CSE.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Immersive Tech disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the purpose of the recent LOI announced by Immersive Tech (FNTTF)?

The LOI aims for the production and sale of two UNCONTAINED VR units for an entertainment facility on the Las Vegas strip.

When was the LOI for VR units signed by Immersive Tech?

The LOI was signed on December 6, 2021.

What event showcased Immersive Tech's UNCONTAINED VR unit?

The UNCONTAINED VR unit was showcased during the International Association of Amusement Parks Expo in Orlando from November 16-19, 2021.

What potential risks are associated with the LOI signed by Immersive Tech?

The LOI is non-binding and can be terminated by either party, meaning there's uncertainty regarding the final agreement and project execution.

What will Immersive Tech handle under the LOI for the VR units?

Immersive Tech will engineer, acquire materials, fabricate, transport, and assist with the installation of the VR units.